How to make the best of an inheritance
Learning that a loved one has left you an inheritance is not an every day experience. This may be especially true if you were not particularly close to the person, or if you did not have any idea that your loved one had so much money stashed away.
Regardless of your relationship, the receipt of an inheritance can come with a number feelings. You may feel honored that a person loved you enough to trust them with their prized possessions after they have passed away, or you may feel that you are not worthy of taking on such a responsibility of managing the money or assets that have been left for you.
Either way, you may want to make adjustments to your lifestyle, and your estate plan, so that the legacy that was left for you can live on even after you pass it on to someone else. This means working with an experienced estate planning attorney who has experience managing and administering large estates.
While you may not feel that your loved one has a “large” estate, even the passage of $10,000 is significant enough where you may want to include provisions in your estate plan to make this gift grow over time so that you may pass on a legacy to your own beneficiaries.
With that said, talking to an experienced lawyer who can adjust your will or create a proper trust are helpful and prudent steps when learning that you will be receiving an inheritance.
The preceding is not legal advice